IN FOCUS

During the first six months of 2003, the Grundfos Group achieved a pre-tax profit of 374 million Danish kroner – an increase of 162 million Danish kroner compared with the same period last year. According to Group President Jens Jørgen Madsen this is the result of a healthy combination of growth in sales, tight cost-control and improved efficiency.

In the first six months of the financial year, BWT – the Best Water Technology Group – had very different sales and earnings results in its two main divisions Aqua Ecolife Technologies (AET) and Aqua Systems Technologies (AST). While the AET division developed well, despite the difficult German market, the decline of sales and margins in the semiconductor business resulted in losses in the AST division, which ultimately strongly impaired the group result.

Tecumseh Products Company announced its 2003 second quarter

consolidated results. The company reports second quarter 2003 net loss of $0.35 per share after restructuring charge of $0.99.

Pfeiffer Vacuum, a leading manufacturer of high-quality vacuum pumps, vacuum gauges and mass spectrometers, as well as complete vacuum systems, announces its results for the 1st half of 2003.

Gardner Denver, Inc. announced that revenues for the three months ended June 30, 2003 were $109.4 million, a 4% increase compared with the second quarter of the previous year and an 8% increase compared to the three months ending March 31, 2003. Diluted earnings per share (DEPS) in the three-month period of 2003 were $0.33, compared to $0.34 in the previous year, and 50% better than DEPS of $0.22 in the first quarter of 2003.

National-Oilwell, Inc. reported net income of $20.4 million ($0.24 per diluted share) for its second quarter ended June 30, 2003.

Pentair announced that it has completed two new financing arrangements totaling $700 million effective today. The new arrangements comprise a $200 million private placement of senior notes with a 10-year maturity, and a $500 million revolving credit facility with maturity in three years.

ITT Industries, Inc. today announced second quarter 2003 net income of $99.9 million and diluted earnings per share of $1.06, up $7 million and $0.07 respectively over the second quarter 2002.

Sales and earnings performance of BWT is in 2003 considerably impaired by the weak semiconductor industry business. Due to the decline in the semiconductor industry business of the “AST – Aqua Systems Technologies” division, the Management Board is reducing the sales and earnings forecasts of the BWT Group for 2003.